Avanza Fonder AB Trims Stake in The Bank of New York Mellon Corporation $BK

Key Points

• Avanza Fonder AB has decreased its stake in The Bank of New York Mellon Corporation by 12.6% during the second quarter, resulting in ownership of 46,604 shares valued at $4.25 million.
• Multiple hedge funds have increased their positions in Bank of New York Mellon, with Nuveen LLC acquiring a new position worth $773.6 million, while GAMMA Investing LLC's holdings skyrocketed by 9,538.9%.
• Bank of New York Mellon recently raised its quarterly dividend from $0.47 to $0.53 per share, reflecting a current yield of 2.0% and a payout ratio of 32.37%.

Avanza Fonder AB lessened its position in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 12.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 46,604 shares of the bank's stock after selling 6,720 shares during the period. Avanza Fonder AB's holdings in Bank of New York Mellon were worth $4,246,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of BK. Ameriprise Financial Inc. lifted its position in shares of Bank of New York Mellon by 1.9% during the first quarter. Ameriprise Financial Inc. now owns 12,043,601 shares of the bank's stock worth $1,010,093,000 after purchasing an additional 221,613 shares during the last quarter. Nuveen LLC acquired a new position in shares of Bank of New York Mellon during the first quarter valued at $773,627,000. Invesco Ltd. raised its stake in shares of Bank of New York Mellon by 8.8% during the first quarter. Invesco Ltd. now owns 8,264,176 shares of the bank's stock valued at $693,116,000 after purchasing an additional 667,966 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in Bank of New York Mellon by 5.7% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 8,125,577 shares of the bank's stock worth $681,492,000 after purchasing an additional 436,100 shares during the period. Finally, Goldman Sachs Group Inc. increased its stake in Bank of New York Mellon by 26.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 5,053,744 shares of the bank's stock valued at $423,858,000 after buying an additional 1,052,145 shares during the period. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

Bank of New York Mellon Trading Up 0.7%

BK stock traded up $0.76 during midday trading on Monday, reaching $109.47. The stock had a trading volume of 2,905,255 shares, compared to its average volume of 3,012,109. The firm has a market cap of $77.20 billion, a price-to-earnings ratio of 16.71, a PEG ratio of 1.03 and a beta of 1.14. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.86. The Bank of New York Mellon Corporation has a twelve month low of $70.41 and a twelve month high of $109.72. The business has a fifty day simple moving average of $102.82 and a two-hundred day simple moving average of $91.42.

Bank of New York Mellon (NYSE:BK - Get Free Report) last issued its quarterly earnings data on Tuesday, July 15th. The bank reported $1.94 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.73 by $0.21. The firm had revenue of $4.77 billion during the quarter, compared to analysts' expectations of $4.80 billion. Bank of New York Mellon had a net margin of 12.27% and a return on equity of 13.46%. The business's revenue for the quarter was up 9.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.51 earnings per share. As a group, research analysts expect that The Bank of New York Mellon Corporation will post 6.96 EPS for the current fiscal year.

Bank of New York Mellon Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 7th. Shareholders of record on Friday, July 25th were paid a $0.53 dividend. This is a positive change from Bank of New York Mellon's previous quarterly dividend of $0.47. This represents a $2.12 annualized dividend and a yield of 1.9%. The ex-dividend date was Friday, July 25th. Bank of New York Mellon's dividend payout ratio is currently 32.37%.

Wall Street Analyst Weigh In

BK has been the subject of a number of recent analyst reports. Truist Financial increased their price target on Bank of New York Mellon from $100.00 to $109.00 and gave the company a "hold" rating in a research report on Thursday, August 14th. Keefe, Bruyette & Woods increased their target price on shares of Bank of New York Mellon from $105.00 to $113.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 16th. Citigroup lifted their target price on shares of Bank of New York Mellon from $92.00 to $105.00 and gave the company a "neutral" rating in a research note on Friday, September 5th. Evercore ISI raised their target price on Bank of New York Mellon from $88.00 to $90.00 and gave the company an "in-line" rating in a report on Wednesday, July 2nd. Finally, Morgan Stanley increased their price objective on Bank of New York Mellon from $95.00 to $101.00 and gave the company an "overweight" rating in a report on Wednesday, July 16th. Eight equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $96.62.

Insider Buying and Selling

In related news, EVP J Kevin Mccarthy sold 20,000 shares of the company's stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $98.45, for a total value of $1,969,000.00. Following the transaction, the executive vice president owned 35,115 shares in the company, valued at approximately $3,457,071.75. This represents a 36.29% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.14% of the stock is currently owned by company insiders.

Bank of New York Mellon Company Profile

The Bank of New York Mellon Corporation provides a range of financial products and services in the United States and internationally. The company operates through Securities Services, Market and Wealth Services, Investment and Wealth Management, and other segments. The Securities Services segment offers custody, trust and depositary, accounting, exchange-traded funds, middle-office solutions, transfer agency, services for private equity and real estate funds, foreign exchange, securities lending, liquidity/lending services, and data analytics.